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MBA > decision making > Flashcards

decision making Flashcards

1
Q

what is Intuition

A

Information is accepted on “Gut feeling”

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2
Q

what is Tenacity

A

Information is acepted as true because it has always been believed (superstition)

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3
Q

what is authority

A

relying and trusting information from an expert in the subject area

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4
Q

what is personal experience

A

“let me tell you what happened to me”

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5
Q

what is rationalism

A

we seek answers by applying logical reasoning to a known set of facts

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6
Q

what is the scientific method

A

obtained knowledge through careful observation an prudent interpretation of data

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7
Q

what are the way’s of “knowing”

A

Scientific method
personal experience
rationalism
intuition
authority
tenacity

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8
Q

what is the path to influence

A

Understand > Predict > Facilitate > Influence

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9
Q

what is part of understanding

A

oneself
others
enviornment
change

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10
Q

what is part of predicting

A

options
outcomes

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11
Q

what is part of facilitating

A

structure
expectations
rewards
accountability

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12
Q

what is part of influence

A

change others
change process
change value

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13
Q

what is perception

A

a process by which individuals organize and interpret their sensory impressions in order to give meaning to their enviornment

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14
Q

what is the definition of problem

A

a perceived discrepancy between current and desired state

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15
Q

what is the definition of decisions

A

choices made from among alternatives developed from data perceived as relevent

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16
Q

define decision making

A

the process of generating and choosing from a set of alternatives to solve a problem

17
Q

what is a rational decision making model

A

how individuals should behave in order to maximize some outcome

18
Q

what are the steps in the rational decision making model

A

define the problem
identify the decision criterea
allocate weights to the criteria
develop alternatives
evaluate the alternatives
select the best alternative

19
Q

what are some organizational constraints on decision makers

A

performance evaluation
reward systems
formal regulations
system-imposed time constraints
historical precedents

20
Q

what are the ethical decision making criteria

A

utilitarianism
rights
justice

21
Q

define utilitarianism

A

seeking the greatest good for the greatest number

22
Q

define rights

A

respecting and protecting basic rights of individuals such as whistleblowers

23
Q

define justice

A

imposing and enforcing rules fairly and impartially

24
Q

what is decision making bias

A

cognitive or emotional influences that modify the weight of information and options

25
Q

what is perspective taking in decision making

A

an attempt to put themselves in the shoes of another

26
Q

what is the halo effect

A

drawing a general impression about an individual on the basis of a single characteristic

27
Q

what is contrast effects

A

evaluation of a persons characteristics that are affected by comparisons with other people recently encountered who rank higher or lower on the same characteristics

28
Q

what is projection

A

attributing ones own characteristics to other people

29
Q

what is stereotyping

A

judging someone on the basis of ones perception of the group to which that person belongs

30
Q

what is overconfidence bias

A

believing too much in out own ability to make good decisions

31
Q

what is anchoring bias

A

using early, first received information as the basis for making subsequent judgement

32
Q

what is confirmation bias

A

using only facts that support our decision

33
Q

what is escalation of commitment

A

in spite of new negative information, commitment actually increases

34
Q

what is randomness error

A

creating meaning out of random events

35
Q

what is hindsight bias

A

looking back, once the outcome has occurred and believing that you accurately predicted the outcome of an event

MBA (55 decks)

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